Russia is inching closer to a default on its sovereign debts after an industry body overseeing the credit-default swaps market ruled Wednesday that the Kremlin failed to meet its obligations to foreign creditors when it paid them with rubles earlier this month. Russia paid bondholders in rubles on April 6 after the U.S. blocked Russia from using American banks to channel payments on its dollar-denominated bonds. The Russian Ministry of Finance said it had attempted to remit dollar interest payments due to bondholders through JPMorgan Chase & Co., but the bank declined to process some $649 million in payments because the U.S. Treasury didn’t grant approval.